Spectris recommends £3.8 billion takeover offer from Advent
A FTSE 250 instrumentation and testing group is at the centre of a possible bidding war after backing a £3.8 billion takeover offer for the company from an American private equity firm.
Spectris has recommended that shareholders accept a cash offer of £37.63 per share from Advent International as a number of London-listed technology businesses attract interest from American investors.
Yet, KKR, a rival American investment firm, has raised the prospect of making a second offer for the company, after first submitting a bid proposal on June 2.
Advent International's bid for the London-based group represents a premium of 85 per cent to its closing price the day before the deal was announced. Andrew Heath, chief executive of Spectris, said the offer 'recognises the quality of Spectris, our talented people, and our strong growth prospect'.
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KKR responded to the deal by stating it 'notes the announcement made today by Spectris regarding a firm offer by Advent International' and that the firm 'encourages shareholders to take no action with regards to the Advent offer'.
In the statement, the private equity firm said: 'KKR has been engaging constructively with the board of Spectris since submitting its first proposal to acquire the entire issued and to-be-issued share capital of Spectris on 2 June 2025.
'Whilst no revised proposal has been made to the board of Spectris, KKR confirms that it is actively engaged in the advanced stages of due diligence and arranging financing commitments.'
Spectris is an industrial technology specialist and its shares were trading at more than £40 in late 2021. Yet, the group's market valuation has suffered in recent years owing to a decline in revenues and profits and the market volatility prompted by trade war concerns. Its shares have fallen as low as £15. The stock was up by 486p, or 14.81 per cent, to £37.84 on Monday morning.
The London market has seen a flurry of bid interest from America in recent weeks. Oxford Ionics, a quantum computing start-up, has agreed to a $1 billion offer from IonQ, a larger US company, and Alphawave IP Group, the manufacturer of high-speed wire and chips, has recommended a £1.8 billion acquisition by Qualcomm, a peer based in California.
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